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Insurer XL Group to move EU unit to Ireland from Britain

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Insurer XL Group to move EU unit to Ireland from Britain

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(Reuters) – Insurer XL Group Ltd <XL.N> said it would move its European Union insurance company, XL Insurance Company SE, from Britain to Ireland in 2018 in response to the country’s decision to leave the bloc. “Since the referendum announcement we have been clear that our top priority is to provide certainty and consistency of service to our clients and brokers. Moving XL Insurance Company SE to Ireland means we deliver on that commitment,” Chief Executive Officer Mike McGavick said. The Societas Europaea, or SE, structure, makes it relatively easy for a company to move its headquarters. XL Group has had insurance operations in Dublin since 1990, and also set up an Irish domiciled reinsurer in 2006, it said in a statement on Tuesday. XL Group would keep its Catlin Insurance Company and its Lloyd’s of London [SOLYD.UL] operations in Britain, the company said. Insurance Ireland, the representative body for the domestic and international insurance sector in Ireland, welcomed the decision by XL Group.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Carolyn Cohn)
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